Wednesday, March 28, 2012

CN sells two Toronto area lines to Metrolinx for GO Transit services

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Canadian National sold two rail line segments in the Greater Toronto Area to Metrolinx for C$310.5 million (US$311.6 million).

GO Transit's Richmond Hill commuter rail service operates over a portion of CN's Bala Subdivision. Metrolinx is acquiring a segment of the subdivision from approximately Rosedale Valley Road north through the Don Valley to CN's main east-west freight line north of Steeles Avenue near the Toronto-York Region border.

Metrolinx is also acquiring a segment of CN's Oakville Subdivision from a point near 30th Street in the Etobicoke area of Toronto and terminating just west of the Fourth Line in Oakville, Ont.

Luc Jobin, CN executive vice-president and chief financial officer, said, "We are pleased to transfer ownership of these important commuter rail lines to Metrolinx to further its future service objectives, while protecting CN's operating rights to ensure continued service to its freight customers. CN has a strong partnership with Metrolinx and we will continue to support commuter rail as a sustainable mode of transport in the Greater Toronto Area."

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